NACHA-The Electronic Payments Association
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NACHA-The Electronic Payments Association, formerly the National Automated Clearing House Association, is an organization that develops electronic solutions to improve the ACH payment system in the United States. NACHA represents more than 12,000 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e-checks, financial electronic data interchange (EDI), international payments, and electronic benefit transfer (EBT).
NACHA has eight primary functions:
- Rule-making for the ACH Network and other payments systems
- Facilitating the development of new payment applications
- Identification and implementation of risk management initiatives
- Providing and supporting education programs
- Instituting and monitoring quality controls in the payments system
- Improving member communications/relations
- Responding to regulatory and government relations issues
- Marketing electronic payment services
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